Insull Took 50% Pay Cut to Get Chief Executive Position

(p. 262) Insull’s story is characterized by boldness of action that exceeded anything Edison had tried. When he had left Edison’s side, he had been determined to find a chief executive position. In 1892, he passed up an offer to be a vice president in Henry Villard’s North American Company in order to become president of Edison Chicago, a small electrical power utility that could pay him only half of what he had made in New York. He also had to move to Chicago, a place that seemed to a New Yorker like a “frontier town.”

Source:
Stross, Randall E. The Wizard of Menlo Park: How Thomas Alva Edison Invented the Modern World. New York: Crown Publishers, 2007.

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